How major US stock indexes fared Friday 5/12/2023
Stocks slipped on Wall Street after a report showed that sentiment is souring among U.S. consumers. The S&P 500 lost 0.2% Friday. The Dow ended barely lower and the Nasdaq gave up 0.4%. A preliminary survey said confidence in the economy among consumers is tumbling. Treasury yields rose because the data also suggested the Federal Reserve may need to keep interest rates high in order to undercut rising expectations for inflation. That in turn hurt Big Tech and other high-growth stocks, which were the heaviest weights on Wall Street. Worries are also still high about a possible default on the U.S. government’s debt.